There are actually fewer properties stuck in foreclosure limbo, with a few notable exceptions throughout the country. During the third quarter, in excess of 1.5 million single-family homes and condos were vacant, comprising 1.6% of all homes, in accordance with ATTOM Data Solutions’ Q3 2019 Vacant Property and Zombie Foreclosure Report.
Where Zombie Foreclosures Remain Problematic
Properties in the foreclosure process are down nearly 22% since 2016.
“The blight of vacant, decaying properties facing foreclosure has declined dramatically across the United States-another good-news offshoot of the housing boom that’s gone on for eight years,” says Todd Teta, chief product officer with ATTOM Data Solutions. “A handful of areas still face notable problems with homes abandoned by owners after they get hit with foreclosure claims. But with the economy improving and the housing market still hot, an expanding number of neighborhoods across the country face little or no problem with these so-called zombie properties.”
Zombie foreclosures refer to properties which have been vacated by homeowners before the foreclosure being completed, leaving the home in limbo. About 9,612 properties that are facing possible foreclosure have been vacated by their owners nationwide, as reported by the report.
The states having the highest percentage of zombie foreclosures are:
Washington, D.C. (12.5%)
Oregon (8.8%)
Maine (8.5%)
Kansas (7.6%)
New Mexico (7%)
New York had the largest actual number of zombie properties (2,428), followed by Florida (1,634), Illinois (985), Ohio (891), and New Jersey (463).
By metro area (with a minimum of 100,000 residential properties), the areas having the highest percentage of vacant foreclosures are:
Peoria, Ill. (16.5%)
Wichita, Kan. (9.5%)
Syracuse, N.Y. (9.2%)
Honolulu (8.5%)
Youngstown, Ohio (8.4%)
Having said that, the states having the lowest rates of zombie foreclosures, all below 1.4%, are:
New Hampshire
Idaho
Colorado
Connecticut
Delaware
Have a questions or concern? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
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